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China’s Customs Tariff Commission of the State Council will impose a 5% or a 10% tariff on another batch of the US-origin products valuing $60 billion starting September 24 in the response to the US’ latest announcement to impose a 10% tariff on additional Chinese goods valuing $200 billion on
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China’s fixed asset investment (excluding rural households) grew by 5.3% on year to Yuan 41.5trillion ($6.1trillion) during January to August this year, according to the latest data released by China’s National Bureau of Statistics on September14. Though FAI spending continues to increase, the NBS data show the growth rate slowing
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China is making changes to the export tax system applied to a total of 397 products including finished steel and non-ferrous metals products, according to a notice from the country’s Ministry of Finance, with some items attracting rebates for the first time while others will have their existing rebates increased.
From
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China’s August
foreign trade surplus remained largely unchanged from July, posting at $27.91
billion, marginally lower than July’s $28.05 billion, according to the latest
data released by the country’s General Administration of Customs released on
September 8.
The August foreign
trade surplus was 33.5% down from nearly $42 billion a year ago, and over January-August, China’s
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China’s Shanghai Futures Exchange (SHFE) has decided to relaunch its wire rod futures contracts on October 16 after some revisions to the contract specifications and all the existing contracts will stop trading since August 31, a SHFE official confirmed on Friday.
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China’s Purchasing Managers’ Index (PMI) for the manufacturing industry nudged up 0.1 basis point on month to 51.3 for August, or staying above the benchmark 50 for the 25th successive month, indicating a continuing expansion, according to the latest release by China’s National Bureau of Statistics on August 31.
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The anticipated slowdown in China’s and global economies will possibly pressure the prices of China’s ferrous products including steel, iron ore, and coking coal in the next two-three years, Tracy Liao, Asia Commodities Strategist from Citi Research, shared her prediction at the China International Iron Ore & Coking Coal & Coke Industry Conference in Shanghai on August 22.
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China’s property market, a major downstream user of steel products with longs in particular, is expected to continue to lend support to the domestic steel market with its rebound in July, market sources shared on August 15.
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China’s fixed asset investment (excluding rural households) grew by 5.5% on year to Yuan 35.6 trillion ($5.2 trillion) over January to July, according to the latest data released by China’s National Bureau of Statistics on August 14. Growth in the country’s FAI was off by 0.5 percentage point from the level witnessed during January-June and was also the slowest since 1999, NBS said.
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China’s Purchasing Managers’ Index (PMI) for the manufacturing industry stayed above the benchmark 50 for the 24th successive month for July, indicating a continuing expansion, though the it fell by 0.3 basis point on month to 51.2, according to the latest release by China’s National Bureau of Statistics on July 31.
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The member steel mills of the China Iron and Steel Association (CISA) achieved total profits of Yuan 139.3 billion ($20.5 billion) during this year’s January-June half, up by a sizzling 151.2% on year, a CISA official confirmed on Wednesday.
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The European Commission's imposition of 25% provisional tariffs on 23 steel categories on certain conditions since July 19 is unlikely to hurt China in the short term, but the risk is mounting in the long term if other countries adopt similar practices, Chinese market shared on Thursday.
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China's national economy has stayed on a healthy and steady track, with the gross domestic product (GDP) for the first half year of 2018 at Yuan 41.9 trillion ($6.3 trillion), up 6.8% on year, according to the latest release by the National Bureau of Statistics (NBS) on July 16.
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China's fixed asset investment (excluding rural households) continued to increase though at a slightly slower rate of 6% on year to about 29.7 trillion ($4.4 trillion) over January-June or down 0.1 percentage point than January-May, according to the latest data from National Bureau of Statistics (NBS) on July 16.
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The continuing improvement in China's steel industry since 2016 has been highlighted with the Fortune China 500 List 2018, as 22 Chinese steel mills have appeared in the latest list that was released on July 10, two more than 2017, and the 2018 outlook appears promising too by far, Mysteel notes.
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The Trump administration's proposed imposition of further tariffs on Chinese-origin goods has added to the concerns of Chinese steel market participants but more because of the adverse impact such a move would have on the general global steel-market environment rather than through any direct influence on steel exports, Mysteel learned Thursday.
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The combined stockpiles of the five major carbon steel products held by Chinese steelmakers and traders at the end of last week - comprising rebars, wire rods, hot-rolled and cold-rolled coils and medium plate - declined slightly as sellers priced aggressively to encourage business, Mysteel's latest weekly survey released on July 5 showed.
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Taiwan's steel exports have not felt the growing competition from the Chinese steel mills yet despite the recent substantial devaluation of the Chinese Yuan against the US dollar, market sources from Chinese mainland and Taiwan said on July 4.
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The additional tariffs that US Customs intends to impose on China-origin goods will backfire on the United States if the penalties are imposed as scheduled on July 6, China's Ministry of Commerce spokesman Gao Feng told media at the ministry's regular press conference on Thursday.
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The two-month expansion seen in the Purchasing Managers' Index for the steel industry in North China's Hebei province, China's largest steel base, ended in June, with the reading dropping by 2.6 basis points over the month to 48.2
